Hell yes it is! Got a chance to take it out into the woods behind my place yesterday, and run a few rounds through it.

The recoil wasn't nearly as bad as expected for a .308, but I'm still looking for where it threw my brass off too

It was very precise -- especially for a semi-auto -- but still needs to be sighted in for accuracy ... it put my Oly Arms AR to shame.

I couldn't get the hang of the "V" sight, and didn't want to waste too much 75-cent per round ammo figuring it out (I haven't ordered ammo for it in bulk yet so I'm shooting Winchester Super-X through it ... $$$$$$$). But the peep sight worked beautifully -- much more intuitive to me than my AR (which has A1 sights) ...

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The standard rear site is has four positions intended for 100 meters ~ 400 meters

I'm assuming you mean that the V is for 100m, #2 is for 200m, etc ... correct? Visually, I couldn't notice a difference between #2,#3,#4 ... and, of those, I only shot it while set on #2. What exactly is happening when I rotate the rear site? Is it just changing the elevation in "big chunks" whereas the tool would be used to get finer control over it?

On a side note, what in the world were they thinking when they decided to make it use a special tool to adjust elevation? Is there some superfantastic benefit to this that I'm not aware of?

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Go to Adam Smith's site for HK parts.

I tried a google search for "adam smith ptr parts" and "adam smith hk parts" and a few other variants ... no luck. Which site were you talking about?